Increasing demand for minimally invasive procedures, rapid increase in global elderly population, and rise in awareness regarding embolotherapy are some key factors expected to drive market growth
According to Emergen Research, the global embolotherapy market size was USD 3.50 billion in 2020 and is expected to reach USD 7.13 billion in 2028 and register a revenue CAGR of 9.3% during the forecast period, 2021-2028.
Embolotherapy Market Dynamics:
Embolotherapy is a treatment that aims to occlude abnormal blood vessels to close fistulae or arteriovenous malformations, control bleeding, reduce tumours, devascularise organs, and much more. It is a type of endovascular treatment that uses minimally-invasive techniques and numerous embolic agents, such as coils, balloons, gelfoam, and angiographic catheters to achieve significant results. This treatment option enables improves quality of life of patients, reducing complication rates, and increases success rate. This has significantly boosted demand for embolotherapy procedures and is expected to drive market revenue growth over the forecast period.
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Increasing incidences of hepatocellular cancer and liver cancer, developments in drug delivery systems and medical equipment are some factors expected to positively impact revenue growth of the market over the forecast period. This has also led to technological advancements in Drug-Elating Bead Transarterial Chemoembolization (DEB-TACE) procedure and other endovascular treatment procedures in the market. In addition, companies are looking forward to develop new products including high flow microcatheter technology, pushable and detachable coils, elutable microspheres and other embolotherapy devices to achieve better outcomes. This is another key factor expected to fuel revenue growth of the market going ahead.
However, increasing concerns associated with faulty designs, lack of skilled professionals and inappropriate treatment leading to infection can hamper market growth to a certain extent over the forecast period. Further, availability of conventional first-level therapies also restrain adoption of endometrial ablation devices and in turn, negatively impact revenue growth of the market.
COVID-19 Impact Analysis
- Social distancing and restrictions severely disrupted businesses and operations
- Lockdowns caused disruptions in transportation and logistics
- Impacted manufacturing activities and mining operations globally
- Took a toll on economy of various countries
- Caused sudden and drastic downturn in economic activity
- Disrupted agriculture, fisheries, dairy, and other sectors
- Caused loss of employment and financial crisis
- Supply impacts were further compounded owing to reduced disposable income
- Emergence of variants continue to cause concerns and impact normal routines
Embolic Agents Segment Revenue to Expand at a Rapid CAGR:
Radiofrequency ablation segment is expected to register a rapid revenue CAGR over the forecast period attributed to rising use of biodegradable microspherical embolic agents, calibrated microscopes and advancements in next generation liquid embolics for facilitating treatment of a variety of pathological disease.
Cancer Segment to Register Significant Revenue Growth:
Cancer segment is expected to register significant revenue growth over the forecast period owing to increasing incidences of kidney and liver cancer globally and that has further increases demand of chemoembolization procedures in hospitals. Chemoembolization procedures is a palliative treatment for liver cancer and provide relief from stress and symptoms of a serious illness.
North America to Account for Largest Revenue Share:
North America is expected to account for largest revenue share in the global market over the forecast period due to rapid adoption of advanced technologies such as robotics, machine learning (ML) in surgical procedures, advanced healthcare infrastructure, increasing number of clinical trials, and rising investment to implement AI-based technologies to improve efficiency in healthcare. In addition, rising adoption of advanced embolic products and presence of highly skilled surgeons and radiologists in the countries in the region are expected to further drive market growth.
Major Companies in the Market Include:
- Abbott Laboratories
- Boston Scientific Corporation
- Medtronic PLC
- Terumo Medical Corporation
- Penumbra Inc.
- Johnson & Johnson
- Merit Medical Systems Inc.
- Cook Medical Inc.
- Kaneka Corporation
- Stryker Corporation
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For the purpose of this report, Emergen Research has segmented the global embolotherapy market on the basis of product, procedure, application, end-use, and region:
Product Outlook (Revenue, USD Billion; 2018–2028)
- Embolic Agents
- Liquid Embolic Agents
- Embolization Coils
- Detachable Coils
- Pushable Coils
- Detachable Balloons
- Embolic Plug Systems
- Support Devices
Procedure Outlook (Revenue, USD Billion; 2018–2028)
- Transcatheter Arterial Embolization
- Transcatheter Arterial Radioembolization
- Transcatheter Chemoembolization
Application Outlook (Revenue, USD Billion; 2018–2028)
- Peripheral Vascular Disease
- Neurological Disease
- Urological & Nephrological Disorders
End-use Outlook (Revenue, USD Billion; 2018–2028)
- Hospitals & Clinics
- Ambulatory Surgical Centers
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Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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